Town renews incentive to encourage job growth
Hagerstown, Md. (December 22, 2015) The Washington County Department of Business Development and the Maryland Department of Commerce have announced the redesignation of the Hancock Enterprise Zone to include approximately 1,500 acres surrounding the Town of Hancock.
This economic development incentive provides real property and state income tax credits for businesses located within a certain territory in exchange for job creation and capital investments.
“This Enterprise Zone is another tool in our tool box as we continue building relationships and engaging businesses looking to expand or relocate,” said Kassie Lewis, Washington County Department of Business Development, director. “While incentives do not always make or break a deal, having flexibility to tailor options at the local level allows businesses and municipalities to craft a plan focused on growing economic development opportunities for all parties.”
For more information on requirements and to learn if your business qualifies, visit: http://hagerstownedc.org/incentives/tax-credits/enterprise-zones.
“Having our entire town designated as an Enterprise Zone is a powerful incentive for us to use as we court various businesses and industries into Hancock,” said Dan Murphy, Hancock, mayor. “We have a history of using this tool to make our community more attractive for potential investors. In these times of economic stress and challenge, any advantage we can acquire and present makes us more competitive.”
The enterprise zone territory reaches from the Pennsylvania border to the Potomac River and includes commercial and industrial development opportunities including commercial frontage on Main Street.
“We are excited for the opportunity to renew the Town of Hancock’s Enterprise Zone, said Dave Smith, Hancock, town manager. “As the national economy rebounds, we see this important program as a means for the Town of Hancock to attract new businesses to the community as well as to offer incentives to existing businesses.”
Maps are available indicating the boundaries, vicinity in relation to Hancock, parcels within the proposed zone and zoning parameters.
The Maryland Enterprise Zone Program is a local economic development program established by the Maryland General Assembly that gives local governments the legal authority to offer economic incentives, including real property and income tax credits.
The Department of Commerce was designated as the State agency responsible for coordinating the program. However, each zone is the creation and the responsibility of municipal and county governments. Through the establishment of local standards and the offering of additional local economic development incentives, applicants have the ability to create an enterprise zone that meets its economic needs.
For media interested in more information, contact Public Relations and Community Affairs Manager James Jenkins at 240-313-2384 or firstname.lastname@example.org.